Govt approves Hitachi's acquisition of Prizm Payment Services

Approval will result in foreign investment of around Rs 1,540 crore in the country

The government today approved the proposal for acquisition of Prizm Payment Services by Japanese firm Hitachi, a move that would result in foreign investment of around Rs 1,540 crore.

The Cabinet Committee of Economic Affairs (CCEA) has approved the proposal for acquisition of 100% equity stake in Prizm Payment Services Private Limited by Hitachi Consulting Software Services India Private Limited and Hitachi Limited, Japan, says an official release.

The approval would result in foreign investment of around Rs 1,540 crore in the country, the release added.

The said acquisition would help the Japanese firm to grow its revenue from India.

Tokyo-headquartered Hitachi sees India as an important region in its global strategy and is stepping up development of the group's Social Innovation Business in the country.

Since it was set up in 2008, Prizm has grown to have over 10,000 ATMs and has over 52,400 Point of Sale devices under management.

The network is managed by over 1,000 employees in 8 offices and 105 service locations covering 600 points of presence across the country.